Which is? greater, the present value of a fiveminus−year ordinary annuity of? $300 discounted at? 10%, or the present value of a fiveminus−year ordinary annuity of? $300 discounted at? 0% that has its first cash flow six years from? today
A. The two annuities are of equal value.
B. The second annuity because the cash flows are discounted at a? 0% interest rate.
C. The first annuity because the cash flows occur sooner.
D. The answer to this question cannot be determined.